sashdash

[Balaji Krishnamurthy @_balaji_km]

Many tech companies report Adjusted EBITDA as their primary profit metric, excluding a range of items relative to GAAP net income. It's a reasonable bridge for a company that hasn't yet demonstrated its unit economics or profitability at scale. But bridge metrics should have a shelf life, and most companies never retire this one. That's why Uber moved from Adjusted EBITDA to Adjusted Operating Income and Adjusted EPS at the beginning of 2026.

To be clear, GAAP creates comparable reporting between companies, but it can still be a noisy measure of what a business earns in a normal period. Some adjustments are legitimate, provided they rest on a principle. I'd apply two tests. Is this a cost of running the business this period? And does this period's number tell you anything about next period's? An item can be excluded if it fails either test. If it passes both, it stays in.

Some examples that are real costs under GAAP but can be fair adjustments: mark-to-market gains and losses on equity stakes, unpredictable prior-period costs such as legal settlements, and genuinely non-recurring items like restructuring.

Two items excluded from Adjusted EBITDA belong back in. Stock-based compensation is as real an operating expense as anything else: it recurs, it scales with headcount, and if you stopped granting equity tomorrow you'd be writing larger cash checks the same day. D&A is more debated, and depreciation schedules are admittedly imperfect proxies for economic replacement. But an imperfect estimate of a real cost is better information than a precise zero, and excluding D&A treats capital expenditure as optional when for most businesses it is the cost of continuing to exist.

Adjusted EPS has one more advantage over Adjusted EBITDA. It has a denominator. Share count is the only place dilution is forced into the open, and a per-share figure keeps the focus on the ultimate return to shareholders.

A company willing to report on this basis is telling you something about the bar it holds itself to.

[PropulsionPoint Capital @propulsionpoint]

$SPY $QQQ $SPX $IWM

Ever since I booked profits, shifted to 80% cash, and began highlighting:
🔴Emerging cracks in the economy as the Fed grows cautious
🔴Stretched valuations and overextended markets
🔴Unfavorable risk-reward dynamics
🔴The invincible sentiment among longs

I’ve lost followers. But I hope some people benefitted. People dislike negativity—and truthfully, so do I. I hate issuing warnings. But caution isn’t perma-bearishness or cynicism.

As I’ve said before: we’ll never reach our dreams without optimism. I am an optimist. Occasionally, though, we must set emotions aside, face reality, and heed the signals. This isn’t about the next 1–3 months; our runway is long.

Enough preaching—I’ll likely lose more followers.
Right now, equities are in no-man’s-land. Direction is unclear. It’s not a spot to short, nor deep enough a pullback to go long. So take a breath, step away from the screens, and prep for Thanksgiving and the holidays. Sit this out; let the story unfold. Resist FOMO. I promise: when the true buying moment arrives, you’ll know. The screen will scream apocalypse—mass capitulation, a total flush. That’s when we dip in. I’ll keep you posted on my moves.

[PropulsionPoint Capital @propulsionpoint]

$ETH $BTC $IBIT $SOLT $BITX $SOL $ETHE $ETHA $ETHU

Weekend pump🚀🚀🚀. Is this the start of a run to ATH ? Hope i dont jinx it

[PropulsionPoint Capital @propulsionpoint]

$ETH $ETHU $ETHA

Everything screams ethereum higher! 🚀🚀

[PropulsionPoint Capital @propulsionpoint]

$ETH $BMNR

This move seems a little different. But the job not done yet. Waiting for confirmation, that this is a breakout not fakeout

[PropulsionPoint Capital @propulsionpoint]

$MTPLF #metaplanet

The update is exceptional! Send it 🚀🚀

[PropulsionPoint Capital @propulsionpoint]

$GLXY

One of the first ideas I had shared here when stock was at $21. Today its reached $36$ a whopping 71% increase in about 3 months. Had pounded the table on this one

Friends if you find my ideas work useful please give me a follow. Gratitude 🙏🙏

[PropulsionPoint India @PropulsionptIN]

#astramicro ASTRA MICRO

Looks solid.
-Trendline Breakout
- Uptrend 20 >50>100 >200 EMA
-Heavy volumes in the recent trading sessions
- Defence sector is strong and trending

[PropulsionPoint Capital @propulsionpoint]

$JD The greatest bargain is right in front of your eyes. DO NOT MISS IT! Looks prime to 🚀🚀
Started a position in common shares. Have also taken $JD3 ETF on LSE (triple leverage) and some calls as I expect the stock to move quite quick. China is running hot. 🔥🔥.
$BABA up +83% YTD and $JD down -1%. The discount gap needs to close. The good laggards wont stay this way for long.

- Technically solid. Falling wedge and stock has broken out decisively on the back of solid volumes (check the chart)
- Fundamentally few metrics are a joke. Let me highlight them:
🫒Cash: 28$ Bn; Market Cap ~49 Bn. Cash is ~57% of market cap.
🫒High revenue growth - ~22% YoY and expecting to grow mid teens in FY2026
🫒Operating income up ~38% YoY with margin expansion to 4.5% from 3.9%
🫒FCF machine, TTM FCF yield ~12.5%; growth of 66% YoY in June 2025. Share purchases worth ~US$ 1.5 Bn in h1 2025
🫒Valuation: 8.25X P/E trailing based on TTM EPS of ~3.71$ diluted

Find me something like this and I will be your fan. Chinese stocks are givers that very few understand. I am here to take them!

[PropulsionPoint Capital @propulsionpoint]

JP MORGAN ANALYSTS: ETHEREUM SUITED FOR METEORIC STABLECOIN GROWTH
💥💥💥
“We think $ETH is emerging as a direct way to gain exposure to the expected meteoric growth in stablecoins as the Ethereum network hosts most of these stablecoin assets, directly as the L1 or indirectly through L2s”

[PropulsionPoint Capital @propulsionpoint]

$ETH $ETHU $ETHA

Below is the chart of the $ETH/ $BTC and that has broken out. The ratio currently stands at ~0.038.

🌲If $ETH simply reclaims its ratio in 2022 then the ratio should move to ~0.085 as the story for $ETH is so strong now

At 0.085 and $BTC CMP of ~117K=> $ETH price =~10K i.e. ~115% return from here

🌲If $ETH reclaims its ratio in 2018, then the ratio should move to ~0.124

At 0.124 and $BTC CMP of ~117K=> $ETH price =~15K i.e. ~235% return from here

The ATH of ratio is actually is 0.156 in 2017.

Of course BTC can go up from here too. But the point is still the same. No matter how you cut it $ETH is poised to go much higher and a price of ~12k-16K is not unreasonable

[PropulsionPoint Capital @propulsionpoint]

$SPY $BTC $ETH $QQQ #fintwit #savvytrader

- Since I created my account earlier this year on Savvy trader on June 17th, I am up ~26%.
- Feels surreal to outperform the most popular portfolios on Savvy Trader in the last 1 month +~9%

They are all my silent mentors and I have learnt a lot from them. They don't even know I exist but such is the power of this platform. The high quality and volume of great content and the learnings from it. That was the key motivation for me to start my own handle as well- to give back in whatever little capacity I can.

Fintwit rocks! Sending my best wishes to all the content creators who tirelessly share investment ideas and thesis liberally to power retail and lift many individuals outside of the the daily drudgery of 9 to 5

[PropulsionPoint Capital @propulsionpoint]

$MSTR

- Taking support at the bottom the of the ascending channel
- Close to its 200 EMA of ~336$
- Volume of selling is lower recently
- If it breaks support on the downside, it can go to ~$280-285 levels

My guess is it goes up here - for now grind up with $BTC price action as $BTC tries to bounce back

[PropulsionPoint Capital @propulsionpoint]

$BABA +12%. Congrats to all who took this trade with me

[PropulsionPoint Capital @propulsionpoint]

$IREN Cantor Fitzgerald is always so bullish when it comes to these small mid caps and crypto proxies. But $IREN is special

[PropulsionPoint Capital @propulsionpoint]

$IREN had bought at 12$ not too long ago. > 100% and 2x in a short time. The thesis is intact. Price of $45 is a matter of time. Not if but when !

[PropulsionPoint Capital @propulsionpoint]

$HOOD
Another Leader of the bull run giving back
- Broke its 20 EMA and dangerously close to breaking its 50 EMA at 99$
- Will potentially break that and will head towards the Horizontal channel support and 100 EMA at $86
- BUY ZONE 85-90 where I will load up

[PropulsionPoint Capital @propulsionpoint]

$ETH $ETHA $ETHU

Ethrereum Daily chart is amazing and fairly predictable
-Strong and deciding uptrend 20 EMA>50 EMA>100 EMA>200 EMA
- fundamental reasons for accumulating very strong i.e. stable coin, tokenization, ETFs and treasuries buying
- Strong support at the 4050$-4100$ range which also coincides with the 20 EMA. I will be a very strong buyer at these levels to add to my position if it gets there

Stay in , dont get shaken out and keep cash handy to double your position if the price gets to the ~4100 levels

[PropulsionPoint Capital @propulsionpoint]

$NBIS the thesis is playing out. Had shared the investment case at ~52$. Had also asked to pick it up on the dip to ~45$ (which it gave). Congrats to whoever took that investment bet with me

$NBIS is ~6.5% of my core portfolio and I believe it will continue to perform in the coming years

[PropulsionPoint Capital @propulsionpoint]

💲💪 The world's 50 most valuable private companies. A nice chart.

The ones that interest me the most are : SpaceX, Databricks, Anduril Ripple and Stripe